ANZ has changed its position on OCR cuts and now expects 25 basis point cuts in both June and September. This will take the OCR to an all-time low of 2.0%.
It's thinking has altered as the NZ Dollar is too high, receding export prices (and not just dairy), weakening inflation expectations, and poor prospects for the 2015/16 dairy payout. However, these are not in fact the elements that tipped it over the line. [Read On]
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